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+--- Thread: Home Co-ownership (/showthread.php?tid=88794)
Re: Home Co-ownership - kap - 12-02-2009
modelamac wrote:
A has to sell property to A and B. A and B have to get a new loan for the sale to go thru. A and B will be on both the mortgage and deed.
Or
A refinances the home for a longer term at a lower interest, and B is out of the picture.
Ah-ha, they were both thinking along those lines in particular the second option. However, the bank is adamant about not wanting to refinance according to A and that he is "in the negative" ... A owns more than 4 properties. Too much of a risk for the bank. I feel bad for A because he had always been up and up financially until the economy tank. He's trying his darnest to keep up with all the payments; the bank will not give him a break. B is not getting a break from Chase either regardless of his excellent credit history.